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Global Crossing Narrows Quarterly Loss

Global Crossing narrowed its loss in the fourth quarter as revenues rose 5 percent year over year.

In its unaudited earnings announcement Tuesday, the Florham Park, N.J.-based network services operator reported consolidated revenues of $683 million in the fourth quarter. 

Consolidated net loss applicable to common shareholders declined from $38 million or $0.63 per share in the year ago quarter to $1 million or $0.02 per share.

On average, six analysts polled by Thomson Reuters expected Global Crossing to report a loss of $0.24 per share, RTTNews reported

For 2010, the companys consolidated business generated revenues of $2.61 billion, a $73 million increase over the previous year.  The loss applicable to shareholders grew from $145 million in 2009 to $176 million.

The company will hold a conference call Wednesday at 9 a.m. EST to discuss its financial results.

Global Crossing CEO John Legere said the company plans to accelerate its investment this year in such managed solutions as data center and cloud services.


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